The Risk Universe is a digital information resource that seeks to shed some much needed illumination onto the world of operational risk management.

WhatsApp: What's the problem?
Some of the world’s largest banks are facing a combined US$1bn in fines for allowing employees to converse with other employees and clients using WhatsApp and similar unauthorised messaging apps. In our latest report, we take a look at the potential issues involved with communicating via WhatsApp and the changes banks are making to avoid additional fines.
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Latest News

Deloitte’s Chinese affiliate to pay $20 million penalty for asking audit clients to conduct their own audit work

The Securities and Exchange Commission today charged Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China), the Chinese affiliate of the Deloitte global network of accounting firms, with failing to comply with fundamental U.S. auditing requirements in its component audits of U.S. issuers and its audits of foreign companies listed on U.S. exchanges. Deloitte-China agreed to settle the charges by paying a $20 million penalty and agreeing to extensive remedial measures.

Barclays agrees to a $361 million settlement to resolve SEC charges relating to over-issuances of securities

The Securities and Exchange Commission today charged Barclays PLC and Barclays Bank PLC (BBPLC) in connection with the unregistered offer and sale of an unprecedented amount of securities due to a failure to implement any internal control to track such transactions in real time. Both firms restated their year-end 2021 audited financial statements filed with the Commission as a result of the over-issuances and internal control failure. The firms agreed to pay a $200 million civil penalty and the SEC additionally ordered BBPLC to pay disgorgement and prejudgment interest of more than $161 million, which was deemed satisfied by an offer of rescission BBPLC made to investors in the unregistered offerings.

FINRA fines Wedbush Securities for Regulation SHO violations

The Financial Industry Regulatory Authority (FINRA) has fined Wedbush Securities for alleged violations of Regulation SHO.

CFPB orders Regions Bank to pay $191 million for illegal surprise overdraft fees

Today, the Consumer Financial Protection Bureau (CFPB) is ordering Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees. From August 2018 through July 2021, Regions charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases. The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions. Financial regulators have long cautioned banks against charging this type of overdraft fee. The CFPB also found that Regions leadership knew about and could have discontinued its surprise overdraft fee practices years earlier, but they chose to wait while Regions pursued changes that would generate new fee revenue to make up for ending the illegal fees.

SEC slaps Oracle with $23m fine for over alleged bribery

The Securities and Exchange Commission (SEC) has announced settled charges requiring Oracle to pay $23 million, following the company’s violation of provisions in the Foreign Corrupt Practices Act (FCPA).

CFTC orders 11 financial institutions to pay over $710 million for recordkeeping and supervision failures for widespread use of unapproved communication methods

The Commodity Futures Trading Commission today issued orders simultaneously filing and settling charges against swap dealer and futures commission merchant (FCM) affiliates of 11 financial institutions for failing to maintain, preserve, or produce records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to their businesses as CFTC registrants.

SEC charges 16 Wall Street firms with widespread recordkeeping failures

The Securities and Exchange Commission today announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters.

Deutsche Bank to settle lawsuit over ties with risky clients and Russian oligarchs

Deutsche Bank has agreed to pay $26.25m to settle a US shareholder lawsuit accusing the German bank of lax oversight while doing business with risky, rich clients such as Jeffrey Epstein and Russian oligarchs.

UK communications watchdog launches cloud competition probe

Ofcom has announced its probe into cloud service providers Amazon, Microsoft and Google. The investigation will look into these providers, which generate around 81% of revenues in UK public cloud, to ensure the market is working properly and not limiting innovation or growth.

NY bank ordered to share client user data in IRS crypto tax probe

The Internal Revenue Service (IRS) has issued a court summons forcing M.Y. Safra Bank to share the details of a client’s users in order to crack down on tax evasion in relation to crypto transactions.

IDB directors unanimously recommend firing of Claver-Carone after ethics probe

The Inter-American Development Bank (IDB)’s board of directors voted unanimously on Thursday, September 22, to recommend firing President Mauricio Claver-Carone after an independent ethics investigation found misconduct, three sources familiar with the vote said.

The Monetary Authority takes disciplinary action against Cathay United Bank Company for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance

The Hong Kong Monetary Authority (HKMA) announced today (23 September) that it had completed an investigation and the disciplinary proceedings for Cathay United Bank Company, Limited, Hong Kong Branch (CUBHK) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO). The Monetary Authority (MA) has imposed a pecuniary penalty of HK$11,000,000 against CUBHK for contraventions of the AMLO.

 
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